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Expert Analysis

TMT Ruling Not A Death Knell For DIP Financing

Law360, New York (September 12, 2014, 12:11 PM EDT) -- On Sept. 3, 2014, the United States Court of Appeals for the Fifth Circuit entered an opinion vacating various orders of the United States Bankruptcy Court and District Court for the Southern District of Texas in the bankruptcy cases of TMT Procurement Corp. and its affiliated debtors, including a final order approving the debtors' post-petition debtor-in-possession financing (the "DIP order") with Macquarie Bank Ltd. (the "DIP lender"), notwithstanding that these orders contained findings that the DIP lender had acted in good faith and was entitled to the protections of Sections 363(m) and 364(e) of the Bankruptcy Code....

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